Then a process on the post side of things where RED's tools and plug-ins could lock-out rogue cameras
RED could do that. I believe all footage has camera ID info embedded in the R3D files now. They'd just need to make it part of the SDK so any app that used the SDK to render could check it. Of course the software would have to phone home via the internet for updates. Hmmm.... that's pretty easily defeatable.
I think the USB port could hook to a fingerprint scanner. Once every 30 days you validate the camera via that.
The protection needs to be just enough of a hindrance to cripple the camera as to make it unusable at some point. The whole idea of RED adding protection is a good one. Might lower insurance rates and certainly would make me feel better owning one. And it's REDvolutionary thinking.